#EURUSD approaching pivot, potential for a drop!
Description
Price has broken above our pivot level at 1.12795 which is in line with horizontal swing low support, 78.6% Fibonacci retracement level . We could potentially see a further rise from here towards 1.13881, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 1.1233, which coincides with horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12795
Why we like it:
horizontal swing low support and 78.6% Fibonacci retracement level
1st Support:
1.12330
Why we like it:
horizontal swing low support
1st Resistance:
1.13881
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.12795 which is in line with horizontal swing low support, 78.6% Fibonacci retracement level . We could potentially see a further rise from here towards 1.13881, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 1.1233, which coincides with horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.12795
Why we like it:
horizontal swing low support and 78.6% Fibonacci retracement level
1st Support:
1.12330
Why we like it:
horizontal swing low support
1st Resistance:
1.13881
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.